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yasna · Joined: 17 Nov 2009 Posts: 1 1.33 Dollars($)

With my 7 brothers and sisters, I own a piece of land. I would like to quit claim my share to one of my sisters. Will she then own 2/7 or 1/6 of the land?
I will quit claim the land to my sister now in November and the land will then be sold beginning January. Can land be sold immediately after a quit claim or is there a time delay? Once a quit claim deed sent in how long does it take to be recorded with the state?
My share of the land is worth about 30000. As I have million lifetime gift exemption would my sister have any taxes to pay?

jameshogg · Posted: Tue Nov 17, 2009 9:02 pm Post subject:

Hi marieeliseferrario,

As far as I can understand, your sister would be owning the property 2/7. Once you quitclaim your share of the property to your sister, she will have to notarize and record the deed at the county recorder's office. It won't take much time to record the deed. Once the property is transferred to your sister's name, she can sell off the property immediately. As far as my knowledge, there's no time delay.

If the property is transferred as a gift, it is you who would be liable for a gift tax. However, keeping in mind the 1 million lifetime gift exemption, you will not have to pay the gift taxes. However, after the property is sold, your sister may have to pay capital gains taxes. To know how to calculate capital gains, check out the given page:
http://www.mortgagefit.com/budgeting-finance/capitalgains-taxes.html#1 34860

Thanks

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